Brent pares losses

New York
US oil futures rose on Wednesday and benchmark Brent pared losses as OPEC member Iran stressed that it opposed a timeline for a freeze on nuclear activities, news that helped crude rebound from an early slide tied to swelling US stockpiles.
Comments from Saudi Arabia’s oil minister that prices ought to stabilize from the selloff of recent months also helped put a floor under prices, dealers said.
Some drew encouragement from the Federal Reserve’s Beige Book report anticipating cuts in the capital expenditure for the oil and gas producers in certain United States districts. Lower oil exploration budgets could mean less supply in the future.
US crude settled up $1.01 at $51.53 a barrel, reversing a near $1 drop from earlier in the day. Brent finished down by 47 cents at $60.55 per barrel, after declining more than $1.50 earlier.